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Different depreciation value between form 4562 and schedule E ?

I got different depreciation value on form 4562, and schedule E. The number on schedule E is smaller. On the sch E worksheet, the difference is categorized as "Vacation Home Loss Limitation". 

 

Looks to me, turbotax makes that adjustment for balancing my rental loss to be just zero. Is that reasonable?  Can I use that difference in the future years?

 

Thanks.

 

 

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1 Best answer

Accepted Solutions

Different depreciation value between form 4562 and schedule E ?

Enter ZERO personal days.  It asks for the number of personal days AFTER it became a rental.

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5 Replies

Different depreciation value between form 4562 and schedule E ?

Was this 100% personal use then converted to 100% rental use (expected to be a rental for a year or more)?  Or is it back and forth between rental and personal use?

AmyC
Expert Alumni

Different depreciation value between form 4562 and schedule E ?

Yes, losses can be limited. When they are, the loss is carried over until you can use it.

 

Related:

Real Estate Tax and Rental Property

IRS Pub 527 for Rental Property

 

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Different depreciation value between form 4562 and schedule E ?

yes, it's first year from personal use to rental purpose. Does that matter? Thanks.

Different depreciation value between form 4562 and schedule E ?

Enter ZERO personal days.  It asks for the number of personal days AFTER it became a rental.

AmyC
Expert Alumni

Different depreciation value between form 4562 and schedule E ?

@AmeliesUncle great catch, thank you!

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